SBV Governor vows to speed up settlement of weak banks, bad debts

Governor of the State Bank of Vietnam Le Minh Hung (Source: VNA) Hanoi (VNA) – Governor of the State Bank of Vietnam (SBV) Le Minh Hung was questioned on the pace of handling bad debt and banks with bad performances during the question-and-answer session on November 1 at the 14th National Assembly’s ongoing sixth session. Answering a query by Deputy Nguyen Thi Yen from southern Ba Ria-Vung Tau province about the ineffective and asynchronous implementation of the NA’s Resolution No.42 on settling bad debt, Hung said that the implementation duration of the resolution is just over one year, as it took effect on August 15, 2017. According to Hung, the resolution has been carried out drastically over the past year, producing initial positive results. He cited reports at a conference held by the SBV in late September this year which said that credit institutions handled 140 trillion VND (6 billion USD) worth of bad debts, and the Vietnam Asset Management Company handled about 95 trillion VND (4 billion USD) of the debts it had bought. He added that the SBV has sent detailed reports to the Government and Prime Minister on the shortcomings and difficulties facing ministries and localities during the implementation of the resolutions. The SBV then will coordinate with the Ministries of Finance and Justice, localities and People’s Courts at all levels to take more drastic measures so as to effectively tackle shortcomings in the coordination between offices in the work. The Governor said he believes the settlement… [Read full story]